Suppose the short run total cost functions for all existing and potential firms in a competitive industry are given by:: TC = 100 + 10 q + q 2, where q is the output level of the firm in a given period.. This means that MC = 10 + 2 q.
(a) Derive expressions for total fixed cost ( FC ),, total variable cost ( VC ),, average fixed cost ( AFC ),, ave rage variable cost ( AVC ),, and average total cost ( ATC ).. [44]]